Major magazine printer Quad/Graphics had an up-and-down 2014 as it continues to transition from its position as a traditional printer to a more diversified multichannel service provider.

The company saw revenue increase just slightly to $4.9 billion last year—it’s third jump in the last four years. Adjusted EBITDA fell nearly 6 percent to $543 million though due to “the impacts of ongoing volume and pricing pressures, and the margin dilution impact of the Brown Printing acquisition, which has a historically lower margin profile.” It’s debt leverage ratio also declined to 2.6x.

Mid-year acquisitions of Brown Printing and Marin International make exact year-over-year comparisons difficult, but Quad/Graphics says the results are in line with expectations.

The company is projecting another slight revenue uptick in 2015, while EBITDA is again expected to fall.

“Our ability to generate significant cash flow and maintain a strong balance sheet continues to allow us to deploy capital in ways to generate value for the company and our shareholders despite ongoing industry challenges,” says Joe Quadracci, president and CEO of Quad/Graphics. “We continue to strengthen and grow the business through compelling acquisitions, such as Brown Printing and Marin’s International, and make strategic investments in our platform, including the recently announced three-year plan to transform our book platform through digital press technology. We remain committed to improving our clients’ experience with us while engaging employees to produce the very best results to advance our overall strategic goals.”